Zcash Holders Overwhelmingly Back Faster Transactions and Halvings
Zcash holders have overwhelmingly backed faster transactions and preserving the network's bitcoin-style halving schedule in a recent governance vote. The vote, which drew roughly two-thirds of eligible tokens, saw nearly 2.4 million ZEC (about two-thirds of eligible tokens) participating. This is a significant jump from previous coinholder polling, where participation was equal to just 7.25% of circulating ZEC.
The results show that 99.9% of participating ZEC backed cutting the time between blocks to 25 seconds from 75 seconds. Blocks are batches of transactions added to the network, so shorter block times generally mean users see payments confirmed faster. Another 98.9% voted to keep Zcash's bitcoin-style halvings.
The voting system used by Zcash is unusual in that it preserves the privacy of voters' identities and balances. This is a major improvement over previous token-holder voting processes, which exposed sharp disagreements between coinholders and Zcash's Community Advisory Panel (ZCAP).